Brazil's suspended President Dilma Rousseff rides her bicycle near the Alvorada Palace in Brasilia, Brazil, August 3, 2016. REUTERS/ADRIANO MACHADO A Senate report found on Tuesday that Brazil's suspended President Dilma Rousseff violated the constitution by manipulating government accounts, moving her drawn-out impeachment trial closer to deciding her fate. The report is expected to be... Continue Reading →
Singapore Rig Giant’s Man in Brazil Says Managers Backed Bribes
Keppel Corp.’s Brazil problems just keep growing. The world’s largest builder of offshore oil rigs has seen investments plummet in one of its most important markets. A major client, Sete Brasil Participacoes, has entered bankruptcy protection. Then last month a former agent fanned the flames of an ongoing corruption investigation by saying in court that... Continue Reading →
PRODUCTION OF OIL AND GAS IN BRAZIL BEATS RECORD IN JUNE
Source: ANP / Press Office - imprensa@anp.gov.br 08/02/2016 Total production in pre-salt rose 8.2% in the previous month. Total production of oil and natural gas in Brazil in June totaled 3,210 million barrels of oil equivalent per day (boe / d), surpassing the previous record achieved in August 2015, when Brazil produced 3,171... Continue Reading →
U.S. court puts Brazil’s Petrobras class action on hold
Aug 2, 2016 The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES A U.S. appeals court put a class action case against Brazil's state-run oil company Petroleo Brasileiro SA (PETR4.SA) on hold pending the resolution of an appeal filed by the company, according to a... Continue Reading →
Brazilian police arrest two as corruption probe turns to major builder Queiroz Galvao
Brazil's federal police said on Tuesday they had arrested two people and raided properties over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company Petroleo Brasileiro SA. "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras. It has led to... Continue Reading →
Brazil’s Final Impeachment Drive Key to Michel Temer’s Success
Brazil’s Senate this week resumes impeachment proceedings that are expected to result in the permanent ouster of Dilma Rousseff and strengthen the hand of her vice president, Michel Temer, to revive a shrinking economy. A special congressional committee is slated to decide Thursday whether to recommend the opening of an impeachment trial against the president... Continue Reading →
BRIEF-Dril-Quip and Petrobras amend contract
Reuters Aug 1 Dril-Quip Inc * Quip -on July 29, Brazilian unit and Petrobras entered amendment to four-year contract awarded by Petrobras in August 2012 * Quip -contract was awarded by Petrobras in August 2012 for supply of subsea wellhead systems and associated tools * Quip-amendment extends term of contract until October 27, 2016 pending... Continue Reading →
Update – Petrobras sells oilfield asset to Statoil for $2.5 billion- Partner in block may invoke right of first refusal
The company logo of Statoil is seen during a company results presentation in London February 6, 2015. REUTERS/TOBY MELVILLE Brazil's Petrobras on Friday agreed to sell one of its largest oil and gas prospects to Norway's Statoil for $2.5 billion, the boldest step yet by the state-led energy company to advance its stagnant asset-sale plan... Continue Reading →
Brazil credit outlook weak amid political uncertainty -Moody’s
Aug 1 A crippling recession and doubts over the approval of structural economic reforms will keep credit conditions in Brazil weak for some time, Moody's Investors Service said on Monday. The rating agency, which stripped Brazil of its investment grade rating in February, said in a statement that credit conditions have stabilized with improved market... Continue Reading →
Offshore Rig Owners Fall Most in More Than Month on Drop in Oil
The world’s largest owners of offshore drilling rigs fell the most in more than a month as oil’s drop below $40 extended their pain. Diamond Offshore Drilling Inc. fell 5.7 percent to $21.42 at 12:22 p.m. in New York after earlier dropping as much as 7.4 percent, the worst intraday tumble since May 9. Competitors... Continue Reading →
